MIRA INFORM REPORT

 

 

Report Date :           

09.02.2012

 

IDENTIFICATION DETAILS

 

Name :

MERCURE INTERNATIONAL OF MONACO

 

 

Registered Office :

17 Avenue Albert II Immeuble Albu–5th BP242, 98005

 

 

Country :

Monaco

 

 

Date of Incorporation :

04.12.1986

 

 

Legal Form :

Corporation under Monaco’s law

 

 

Line of Business :

Retail & distribution of clothes

 

 

No. of Employees :

84 people (headquarters) – 4 500 people (worldwide)

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Maximum Credit Limit :

EUR 2 million

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Monaco

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME & COMPANY SUMMARY

 

Dénomination

MERCURE INTERNATIONAL OF MONACO

DBA

MIM

Address (Headquarters) 

17 Avenue Albert II Immeuble Albu–5th BP242, 98005 Monaco

Téléphone

+377 93 10 14 00

Fax

+377 93 10 14 40

VAT N°

FR 06900001088

ID N° :

86S02243

Création:

04/12/1986

Legal form

Corporation under Monaco’s law

Capital

EUR 6 400 000

Management 

Mr. Antoine SATHICQ, CEO

Staff

84 people (headquarters) – 4 500 people (worldwide)

Main activity 

Retail & distribution of clothes

Brands 

NIKE, ADIDAS, REEBOK, PUMA, LEVIS, LACTALIS, ELVIR, DANONE, PROCTER ET GAMBLE, DUCROS, LESIEUR, etc.

Banking partners 

CREDIT FONCIER MONACO

MONTE PASCHI MONACO

 

 

CREDIT RECOMENDATION

 

Current Credit Limit: EUR 2 million

 

 

DIRECTORS/MANAGEMENT

 

Managers

The main managers are:

·         Mr. Antoine SATHICQ, CEO

·         Mr. Adnan HOUDROUGE, Chairman

He is also a member of the management of the football club ASM.

·         Mr. Gilles VEISSIERE, Executive Assistant

 

He is also in charge of the management of the chain of stores: CITY SPORT.

 

 

NEGATIVE INFORMATION

 

Na

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Shareholders

The company is owned by the following persons:

·         Mr. Samir HASSAN– 50%

·         Mr. Adnan HOUDROUGE– 50%

Capital

EUR 6 400 000

 

 

PAYMENT INFORMATION

 

PAYMENT ITEMS

 

·         Incidents : NONE

·         Payments : REGULAR

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Subsidiaries and affiliated companies

 

MERCURE INTERNATIONAL OF MONACO wouldn’t have any subsidiary or affiliated companies.

 

 

FINANCIAL INFORMATION

 

FINANCIAL INDICATORS COMMUNICATED BY OUTSIDE SOURCES

 

 

·         Turnover 2010 : EUR 144.12 million (announced)

·         Net result 2010 : EUR 6.7 million (announced)

 

·         Turnover 2011 : EUR 144.9 million (est.)

·         Net result 2011 : EUR 6 million (est.)

 

 

·         Banking Indebtedness : EUR 16 million

 

 

·         Payment terms : 50 days

FINANCIAL ITEMS

 

 

·         Profitability: GOOD

·         Banking indebtedness : CONTROLLED

·         Cash : AVERAGE

 

 

DISCLOSED FINANCIAL FIGURES

Currency: EUR

The subject does not disclose any financial statement.

FINANCIAL FIGURES COMMUNICATED BY OUTSIDE SOURCES

Thanks to outside sources we could obtain the following financial indicators related to 2010:

·         Sales 2010 : EUR 144.9 million

·         Net income 2010 : EUR 6.7 million

Forescasts for 2011 are as follows:

·         Sales 2011: EUR 144.9 million

·         Net income 2011: EUR 6 million

 

Net worth should increase.

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

ADDITIONAL INFORMATION

 

ACTIVITY

As stated before, MERCURE INTERNATIONAL OF MONACO was founded the 04/12/1986 as a corporation under Monaco’s law.

 

History of the company:

·         1986: MERCURE INTERNATIONAL OF MONACO is created by Mr Adnan HOUDROUGE

·         1986 – 1995: Opening of shops in France and West Africa under the name of the company and CITY SPORT

·         1995: The Company buys a group of Supermarkets of West Africa, mostly under the name of SCORE.

·         1995 – 2004: MERCURE INTERNATIONAL OF MONACO continues to diversify its portfolio of activities in different industries such as telecoms, fashion, fast foods, beauty and real estate

·         2005: The Company wins the Monaco Business Award

·         2007: MERCURE INTERNATIONAL OF MONACO signs a franchise contract with the CASINO-RALLYE GROUP, changing the SCORE supermarkets into CASINO GÉANT.

·         MIM also acquires the Master Franchise for GO SPORT for the Maghreb and the French Dom Tom

·         2010: the company opens 50 stores in Africa and the DOM-TOM across its 3 businesses: Food, Sport and Fashion

 

No changements have been noticed since our last research regarding the activity of this corporation.

 

MERCURE INTERNATIONAL OF MONACO is still specialized in the development of retails, brands, sales, distribution and the marketing of brands across different industries including:

 

·         Food

·         Sport

·         Fashion

·         Beauty

·         Lifestyle

·         Telecoms

The DBA of the company is “MIM”.

It distributes the following brands:

·         NIKE

·         ADIDAS

·         REEBOK

·         PUMA

·         LEVIS

·         LACTALIS

·         DANONE

·         DUCROS

·         LESIEUR

·         UNILEVER

·         CASINO

·         SUBWAY

·         SOLEIL SUCRÉ

·         L’OCCITANE

·         ALDOS

·         PANZANI

·         LESIEUR

·         BLEDINA

·         PROCTER & GAMBLE

·         LU

·         EVIAN

MERCURE INTERNATIONAL OF MONACO currently operates in Europe (mostly France and Italy), West Africa, Maghreb and DOM TOM. New countries currently under study are: Equatorial Guinea, Ghana, Benin, or Togo.

MERCURE INTERNATIONAL OF MONACO imports materials worldwide and mostly from Africa and France.

The company owns the master franchise for:

·         GO SPORT in Maghreb and the Dom Tom

·         CASINO GEANT in Senegal, Ivory Coast, Gabon, Cameroon, Congo. The company operates more than 40 supermarkets.

·         CITY SPORT (There are around 100 CITY SPORT shops)

It therefore manages over 250 shops (from 150 to 5 000 m²).

The subject company also currently operates 5 commercial centers in West Africa, where it develops over 150 shops.

For logistics services, the company uses a distribution centre in Europe of 14 000 m², another one in the Indian Ocean and a third one in Asia (with contract manufacturers).

The company is affiliated to the following institutions:

·         SMENI (Syndicat Monégasque des Etablissements de Négoce)

·         Peace and Sport

At the above address we can find the headquarters of the subject company.

The local surface is 1 800 m2, and the company owns the building.

MERCURE INTERNATIONAL OF MONACO also owns:

·         2 shopping malls in Dakar

·         1 building in Dakar

·         1 shopping mall in Abidjan

·         1 shopping mall in Brazzaville

·         1 shopping mall in Pointe Noire

·         1 shopping mall in Libreville

MERCURE INTERNATIONAL OF MONACO currently employs 84 people in Monaco and 4 500 people worldwide.

Press

After checking various press sources, we could identify the following article related to the subject company:

Evénements - Adnan Houdrouge, homme d’affaires libano-sénégalais : «Je ne suis pas un adepte de la théorie du complot»

Date : 05/04/2011

Source : www.weekend.sn

 

Patron de Mercure international of Monaco (Mim), propriétaire des magasins City Sport et Casino au Sénégal, Adnan Houdrouge, richissime homme d’affaires sénégalais d’origine libanaise, a été mis en examen le mardi 8 mars 2011 au palais de justice de Marseille (France) pour recel d’abus de biens sociaux.

 

Depuis, ce milliardaire est poussé au-devant de la scène par la presse qui a fait un large traitement de ses démêlés avec la justice française. Sans, selon lui, jamais toucher à la pure réalité de l’affaire.

 

Dans cette interview qu’il accorde à Weekend, le citoyen de la Principauté, ancien vice-président de l’As Monaco (club de football, Ligue 1 française), revient sur l’histoire de sa garde à vue.

 

Avec beaucoup de retenue, sans entrer dans les détails de «l’affaire» (voir le making of).

SUMMARY : Mr. Adnan Houdroge, owner of Mercure International of Monaco, has been charged for acceptance of bribes.

BANKING OPINION

At this time, banking indebtedness would be as follows:

·         Short term indebtedness: EUR 10 million

·         Long term indebtedness: EUR 6 million

Cash flow is normal and management is well judged.

Payment terms are made on a 50 days basis.

Banking partners hold a trust-worthy relationship with the client.

COUNTRY RISK

Monaco:

The political and economic situation is very good. A quality business environment has a positive influence on corporate payment behavior. Corporate default probability is very low on average.

Monaco has thus far remained relatively untouched by events.

 

AC.REF ARBITRATION

Mercure International of Monaco is a huge corporation specialized in different areas such as retailing and distribution of clothes.

The general situation of this corporation is stable as show it financial figures for this fiscal year. The solvability is good at this time. Therefore, we estimate that you can explore a business partnership with this company.

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.07

UK Pound

1

Rs.78.09

Euro

1

Rs.65.15

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

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This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.